After many long years of hard work, you are finally at the top of your field. You like what you do and have been with your company for a very long time. You earn a great salary and enjoy many perks. You feel secure. But are you really?

Take a minute and think about it. Your entire source of income is riding on that one customer, on that one job, in that one company. You are getting older, but not near retirement yet. The economy is changing. The job market is changing. The way business is being conducted is changing. One day, and it could be any day, you are unexpectedly “down sized”, “cut loose”, “let go”. Doesn’t matter what you call it, the result is the same. You are now without a job and without that nice steady paycheque you have been used to. I know all about that, because it happened to me several years ago and I wasn’t prepared. So what happens next?

Well first off, you will panic. Then you will get really mad. And then you will finally settle down and accept what has happened. Sound like the stages of grief? Well they are. After all there has been a great loss here. For many of us, this will be one of the hardest life experiences we will ever endure, one that we wish never occurred. Regardless you will have to take some sort of action and fast to replace your lost income.

You could of course look for another job. That is usually the number one option for anyone in this situation. It is a frightening and daunting task and you may get lucky and find something comparable to what you had in both scope and earning power. But what if you don’t, or at least not in the short term.

How about starting your own business then. For a lot of people in this predicament it seems to be the next logical, and in most cases, the better choice. Ask yourself what kind of skills and experience can you offer the world and go from there. Do your research and choose the kind of business that suits you and your talents. Remember to check out your competition and look at ways to offer your product or service bigger and better. Set up your website and “hang your shingle”. Take the chance. Your new source of income is waiting to be discovered.

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